Thursday, July 1st, 2021
Weak effectiveness
Curevac stock collapses on Wall Street
Wall Street is up slightly – but not for shares in German biotech company Curevac. After weak data on the effectiveness of his corona vaccine, the papers are rushing down. A German football club also ensures movements in the courses.
The Wall street started the new quarter cautiously. The S&P 500 nevertheless marked the next record high. Before the labor market report (“Payrolls”) coming up for Friday, traders were showing a certain reluctance, as the data could potentially help to set the course for the future monetary policy of the US Federal Reserve. The unexpectedly sharp drop in weekly Initial claims for US unemployment benefits did not move, however. “The data is strong, but the market is waiting for the big job report on Friday,” said a trader.
The Dow Jones Index rose 0.4 percent to 34,634 points that S&P 500 climbed 0.5 percent during the Nasdaq composite advanced 0.1 percent.
The shares of the German biotech company broke among the individual stocks Curevac by 7.7 percent. According to final evaluations, the corona vaccine from the pharmaceutical company has only a low level of effectiveness. The English soccer star Jadon Sancho is transferring from Borussia Dortmund for a transfer fee of 85 million euros Manchester United. The British share rose 0.7 percent. The Boeing-Share closed hardly changed. The US aircraft manufacturer has appointed a new CFO, Brian West. He previously worked for General Electric for many years.
Despite convincing quarterly figures fell Micron Technology by 5.7 percent. The titles had shown themselves quite firmly by the middle of the week. The strong demand for semiconductors gave the group a jump in sales and profits in the third quarter of the financial year. Micron expects further growth in the final quarter. The transaction with was negative Texas Instruments seen. Their shares fell 0.8 percent. The company is acquiring a chip factory in Utah from Micron Technology for $ 900 million. Texas Instruments is thus increasing its capacities in the current global chip shortage.
Oil prices are increasing significantly
The Oil prices meanwhile marched from one multi-year high to the next and rose at times by around 3 percent to the highest level in seven years. In trade, reference was made to the beginning meeting of the Opec + group. But when it was leaked that a decision on production volumes would be delayed because of a dispute between the United Arab Emirates and Saudi Arabia, prices fell a little. The US variety was quoted at settlement WTI but still 2.4 percent higher. At Brent the plus was a little lower.
The dollar defended most of his serves. The dollar index held up well in late trading. The euro had meanwhile fallen to a twelve-week low, the yen even to a 15-month low. According to analysts, the dollar reaction shows that the market is following the data-driven approach of the US Federal Reserve; strong data increased the likelihood of tighter monetary policy.
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